Police Seize Loaded Handguns, Over $135,000 in NCAA Gambling Raid Sign up for the Alpharetta-Milton Patch newsletter!
The Alpharetta Department of Public Safety is providing more details about a Monday evening raid at a local restaurant that resulted in the arrest of nearly two dozen people.
Alpharetta police, along with authorities in Milton, Johns Creek and Roswell, all took part in executing a search warrant at Pepperoni’s Tavern on Old Milton Parkway around 9 p.m. March 16.
Officers previously gathered intelligence that indicated a “Calcutta Auction style gambling operation was taking place inside the restaurant,” in violation of Georgia codes 16-12-21 (gambling) and 16-12-22 (commercial gambling), the department said on Wednesday.
A Calcutta Auction occurs when gamblers bid among themselves to buy each of the contestants, with each contestant being assigned to the highest bidder. The contestant will then pay out to the owner a predetermined proportion of the pool, depending on how it performs in the tournament.
Georgia code 16-12-21 notes a resident “commits the offense of gambling” when he or she: (1) Makes a bet upon the partial or final result of any game or contest or upon the performance of any participant in such game or contest; (2) Makes a bet upon the result of any political nomination, appointment, or election or upon the degree of success of any nominee, appointee, or candidate; or (3) Plays and bets for money or other thing of value at any game played with cards, dice, or balls.
Gambling is classified by the state as a misdemeanor.
Code 16-12-22 defines commercial gambling as a person who intentionally:
operates or participates in the earnings of a gambling place; (2) Receives, records, or forwards a bet or offer to bet; (3) For gain, becomes a custodian of anything of value bet or offered to be bet; (4) Contracts to have or give himself or another the option to buy or sell or contracts to buy or sell at a future time any gain or other commodity whatsoever or any stock or security of any company, when it is at the time of making such contract intended by both parties thereto that the contract to buy or sell, the option whenever exercised or the contract resulting therefrom, shall be settled not by the receipt or delivery of such property but by the payment only of differences in prices thereof; (5) Sells chances upon the partial or final result of or upon the margin of victory in any game or contest or upon the performance of any participant in any game or contest or upon the result of any political nomination, appointment, or election or upon the degree of success of any nominee, appointee, or candidate; (6) Sets up or promotes any lottery, sells or offers to sell, or knowingly possesses for transfer or transfers any card, stub, ticket, check, or other device designed to serve as evidence of participation in any lottery; or (7) Conducts, advertises, operates, sets up, or promotes a bingo game without having a valid license to operate a bingo game as provided by law.
Anyone who commits the offense of commercial gambling “shall be guilty of a felony and, upon conviction thereof, shall be punished by imprisonment for not less than one nor more than five years or by a fine not to exceed $20,000, or both,” the code states.
Department spokesperson George Gordon said Pepperoni’s Tavern had actually closed for the night the search warrant was executed and a sign was posted outside notifying the public that a private party was taking place.
Upon entry into the restaurant, officers with the multi-jurisdictional operation “observed in plain view a large NCAA tournament brackets board with patrons seated at tables with their betting paraphernalia and cash gambling,” Gordon stated.
The restaurant had about 64 people inside its establishment at the time of the raid.
“Based upon the raid, evidence was obtained which showed this was a large, planned event with the attendees being specifically invited,” Gordon continued. “Documents were seized, which indicated an organized illegal gambling operation known as a Calcutta Auction.”
Over $135,000 in U.S. currency, two loaded handguns and other gambling paraphernalia was also seized.
Eight attendees were arrested and charged with felony commercial gambling while 13 attendees were arrested for misdemeanor gambling. Gordon added one of the arrests also included the possession of cocaine.
Eight attendees were arrested and charged with felony commercial gambling while 13 attendees were arrested for misdemeanor gambling.
Those arrested and charged with by Alpharetta police include:
Kelli Roveto (initially released on scene due to family circumstances; she turned herself in on Wednesday): felony commercial gambling John Charles “Kicker” Roveto: felony commercial gambling William Michael Gazdik: felony commercial gambling Robert Forbes Howe (restaurant manager): felony commercial gambling Phillip Scott Brown (co-owner): felony keeping a place of gambling, felony commercial gambling Phillip J. Campbell Sr. (co-owner): felony keeping a place of gambling, commercial gambling John Joseph Spagnolo: felony keeping a place of gambling, commercial gambling Phillip J. Campbell Jr.(co-owner): felony keeping a place of gambling, commercial gambling Residents charged with misdemeanor gambling include: John T. Rausch, David W. Hoch, Michael Ledford, James Christopher Davenport, Michael T. Gibson, Robert R. Eagar, Dennis J. Sterk, Lee L. Lichtenstein, Todd D. Ryman, Robert Joo Park, Jessie P. Polosky, David A. Terry and Scott Fuhrman.
According to the department, some of the attendees had been previously arrested in another city in 2007 while participating in a similar gambling event. Some of the attendees have previous criminal records for offenses such as gambling, drug, and weapons charges, Gordon stated.
“It’s common knowledge that people privately bet on the NCAA tournament,” Gordon said. “Our resources are focused primarily on major illegal operations comprised of illegal gambling operations in violation of Georgia statutory laws.”
Assistant City Administrator James Drinkard said the restaurant has not had any other issues that have been brought to the attention of Alpharetta leaders and city staff members.
Pepperoni’s Tavern has yet to pay its 2015 business license fee, but Drinkard said the delinquency date is April 1.
“Given the current situation, however, their business license will not be renewed,” he dded.
Photo credits: Alpharetta Department of Public Safety
Red carpet rolls out Oct. 30 for $600M retail development
ALPHARETTA, Ga. – Tony Bennett’s hit song just about matches the way North American Properties Managing Partner Mark Toro feels about stepping out with his “baby.” The long-awaited Avalon grand opening is drawing nigh.
While Toro might not put on his white tie and tails, he has been wearing an ear-to-ear smile as 1 million square feet of Avalon Phase I get the finishing touches for the big day. Taking a tour of the broad boulevards lined with shops, stores and restaurants of all kinds, Toro talks about Phase II that is not so far behind.
There is the new 4-star hotel from the Autograph Collection by Marriott and the Alpharetta Conference Center that will be a public-private partnership. The $100 million development will be a full-service, 325-room hotel the likes of which has not been seen north of the Chattahoochee.
Phase II will see 276 additional apartments going before Alpharetta City Council. Toro is so sure this will be a destination address for Millennials, executives and empty-nesters that he can hardly wait.
He points to the ultra-chic apartments above retail. The two-bedrooms start at $1,750 per month and depending on the extras, well … the top of the line unit just leased for $5,000 a month.
“It is all about size and location,” Toro said.
The apartments will overlook streets abuzz with action. The boulevards have wine and tequila bars, so if you are tired of walking, you can sit and refresh yourself.
Cru Wine Bar will there with just the right vintage for that time and that day.
But who can sit when there is so much to see and do? Avalon is 98 percent leased and 90 percent occupied, and everyone is rushing to be ready for Opening Day.
“No one wants to miss the party,” Toro said.
Then he goes on a riff about the restaurants that will be open. He starts with the top Atlanta area chefs opening here and then moves on to nationally known restaurateurs – all of the crème de la crème to be sure.
“There are 12 restaurants in the first phase and seven of them are local. Ford Fry, the dean of Atlanta restaurateurs, is opening a Tex-Mex place called The El Felix,” Toro said.
It is his seventh eatery in greater Atlanta that includes St. Cecilia in Buckhead, Oyster Bar in Atlanta’s Westside and No. 246 in Decatur.
“This will be his first suburban location,” Tor said. “We are seeing the best of the in-town restaurants who never go OTP want to come here.”
Other restaurants include Kono Grill Sushi, Ted’s Montana Grill, Brian Willis’ Bocado Burger and the list just goes on.
Giovanni Di Palma, who started Antico Pizza and Caffe Gio, is the pizza guru of Atlanta, Toro said. And he is coming to Avalon, too.
“He puts his heart and soul into everything he does.”
Retailers are all top echelon as well. Many are top local brands such as Fabrik, Sage and American Threads. Kinnucan’s Specialty Outfitter has become the regional store for all things outdoors.
Avalon is dedicated to being a green leader. Its onsite recycling center (they call it the “Trash Mahal”) separates and composts wet trash, collects irrigation water from rain barrels and recycles cooking oil on the premises.
“In fact, our trash collection and recycling is now a profit center,” Toro said.
Everyone has heard about the outdoor skating rink that is bigger than the one at Rockefeller Center, but it will also be a fountain in warmer months. And since this is Avalon, it won’t be just a fountain. It will be a FOUNTAIN.
Toro says every hour it will be a “show” choreographed by computer to flow in concert with music. So the music flows in rhythm to the music.
There is landscaping, and then there is Avalon landscaping. Avalon wants some nice shade trees, so it has imported five 40-year-old live oaks. That is instant shade, and at $40,000 each, one would think they should fan the visitors too.
“We wanted to have an immediate impact,” Toro said.
Understatement is Toro’s gift.
If there is something that says what Avalon is about, it just might be Drybar. No, it doesn’t serve martinis, but it is a place of refreshment for women. Their gig is to give a girl a good blowout and leave refreshed and ready to be devastating. Their mantra is “No cuts. No color. Just blowouts.” The salon is appointment only.
If you feel the need for more than a blowout, there is Van Michael Salon ready to do whatever it takes – be it a wedding, clubbing or simply to be spoiled.
Shopping, entertainment, fine dining and good eating abound at Avalon. The doors open Oct. 30 and there is a four-day party waiting.
Avalon Phase 2 is expected to include a hotel, conference center, office space and apartments. Posted: Tuesday, October 28, 2014 3:20 pm JONATHAN COPSEY “Our future is inextricably linked to Avalon... We need Avalon to be a home run.”” DAVID BELLE ISLE, ALPHARETTA MAYOR ALPHARETTA, Ga. – With a 6-1 vote, Avalon’s second phase was approved by the Alpharetta City Council Oct. 27, paving the way for a hotel and conference center, along with hundreds of new apartments.
Mark Toro, of North American Properties, Avalon’s developer, asked council to approve 276 more for-rent apartments as well as increase building heights for a parking deck, Class A office building and hotel.
Phase II for Avalon will also feature a proposed conference center.
There are already 250 for-rent apartments in the first phase of Avalon, along with 101 single-family homes. Rather than add more park space, Toro pitched in $1 million to the city to put toward any public spaces within 3 miles of Avalon. That covers much of downtown Alpharetta.
The project was approved by council with 54 conditions of approval. These included, among other things, traffic studies, public trails and landscaping requirements.
As well as the office space and hotel, the plan will include plenty of apartments above retail space.
“There is an overwhelming demand for all three aspects [of Avalon] – convention, retail and office,” said Peter Tokar, Alpharetta’s economic development director. “There is also an absolute need for Class A office space. Alpharetta has 10 percent vacancy now, which is the lowest in metro Atlanta.”
Councilmember Jim Gilvin, the lone opposition to the project, said he was concerned over the convention center.
“What is presented to us is not a complete plan,” he said. “The convention center is not resolved.”
The city and Avalon are still discussing details of a public-private partnership on the convention center. As such, Gilvin suggested it was premature to come to council with plans for one if the deal could never materialize.
Toro said the Avalon plan had to be amended to accommodate any convention center since it was not on the original plans.
“There is no promise of a hotel, conference center and standing office center,” Gilvin said. “The only thing I can promise will be built is apartments and retail. Nothing is guaranteed here of benefit to the community.”
His fellow members of council disagreed.
“It’s very different from what we have done in Alpharetta,” said Councilmember Mike Kennedy. “This is a great project for Alpharetta and is exciting.”
Kennedy said Avalon has met the city’s requirements for public spaces, which do not have to be green spaces – plazas, fountains and other gathering spaces count.
Councilmember D.C. Aiken said homeownership across the nation is falling continuously, as baby boomers and millennials are shifting priorities away from owning homes.
“I don’t like the idea [of apartments],” he said, “but perhaps we have found a mix where it makes sense.”
Mayor David Belle Isle, in his comment of approval, said Avalon and Alpharetta are in a close partnership.
“Our future is inextricably linked to Avalon,” Belle Isle said. “Whether you like it or not, it just is. We need Avalon to be a home run.”
ALPHARETTA, Ga. - Four days of events and fanfare in late October will mark the grand opening of Avalon, the unique $600 million mixed-use development in Alpharetta.
There will be music and concerts headlined by Kellie Pickler and Von Grey. But that is only the beginning. There will be family entertainment, chef demonstrations, a surprise headliner and more to introduce a carefully curated collection of shops and restaurants.
The four-day celebration will be the culmination of a journey that began in June 2011, said Mark Toro, North American Properties managing partner.
"There have been so many reasons to cheer during this journey, but the grand opening will be the ultimate celebration," said Toro "We invite the community to help us celebrate, whether with yoga, trick-or-treating, fireworks or an indie concert. There is something for everyone at the grand opening and at Avalon."
There will music and concerts, food demonstrations and tastings. Visitors can take in retailer open houses and store-to-store trick or treating. Dad can even see the Georgia-Florida football game on the big screen.
It truly must be seen to be believed, a weekend to remember.
Education State denies FSA charter 2014-Sep-10 Redistricting for area schools to begin in October 2014-Sep-03 Common Core divides school superintendent candidates 2014-Sep-03 Area superintendent for Northwest Learning Center to depart for Virginia school system 2014-Sep-01 Common Core divides school superintendent candidates 2014-Aug-26 More... September 09, 2014 NORTH FULTON, Ga. – Parents would be wise to stay aware of school attendance zone changes in the coming months.
The redistricting process for all schools throughout North Fulton will begin in October, with the goal to have the changes approved by February and in place next school year, according to officials with the Fulton County School System (FCSS).
"The scope of the North Fulton redistricting will include all schools and all levels," said Yngrid Huff, chief planner for the FCSS. "Capacity is being added at the elementary and middle school levels, which requires a holistic look at all attendance boundaries."
A new elementary school off Highway 9 in Roswell is set to open in August 2015, along with additions at three North Fulton middle schools – Hopewell, Autrey Mill and Taylor Road. A planned addition at Crabapple Middle was shelved until after 2018 while planners consider a complete rebuild of the school.
This increased classroom space provides an opportunity for the FCSS to adjust attendance lines based on enrollment, as well as remedy some of the quirky feeder patters from elementary to middle to high school.
The last North Fulton rezoning was in 2011 with the opening of Cambridge High School. Huff said it is time to revisit the lines to ensure capacity is balanced across the region.
"We've had some changes since the last redistricting, so we want to make sure everything is aligned," said Huff. "When you look at the entire region, you are able to jiggle all the puzzle pieces at once, and you can better align [the zones]."
Huff said the process will also focus on cleaning up feeder patterns, primarily from middle to high school. While it is impossible to have a 100 percent middle school feed into a high school because of space issues, planners will work on reducing small groups of kids who veer off from their classmates to a new school.
"The feeder pattern needs to be considered," said Fulton Board member Linda McCain, who represents Johns Creek. "In my area, it's the middle to high school feed my community is most concerned about. The kids are on feeder teams and other clubs, and it gets [complicated]."
Board member Katie Reeves of Alpharetta concurred with the need to clean up feeder lines. She pointed out there is not a new high school planned in North Fulton in the near future so this redistricting provides the opportunity to "tweak" the feeder patterns.
Although feeder patterns are considered a "secondary criteria" for modifications, there was consensus on the board to weigh it more heavily in some instances.
The redistricting process will start in October through a series of community meetings. Feedback and information will be gathered from the community and used to develop maps based on criteria approved by the Fulton County Board of Education.
"The first meeting serves as a means to gather specific feedback, which will then allow staff to generate alternative maps for the second and third meetings," explained Huff. "No assumptions should be made on who or what communities will be involved. All residents are invited and encouraged to attend."
She noted the meetings will be held in the October through December time frame, with recommendations presented to the board in January for approval in February. Changes will go into effect for the 2015-2016 school year.
All meetings will be held at Alpharetta High School, although dates and times have not been finalized.
By Christopher Quinn The Atlanta Journal-Constitution July home sales and prices in 11 metro Atlanta counties dipped slightly from June, the Atlanta Board of Realtors reported Monday. Sales slipped 2.5 percent to 4,530 homes from June’s 4,644. Median sales price dropped from $230,000 to $227,000. The numbers could be adjusted upward if additional closings for the month get reported, as happened in June, said ABR President Todd Emerson. “While sales for June initially reflected a decrease in sales year over year, the updated information based on additional reported closings now reflects a light increase over 2013,” he said. Emerson said the market continues to move slowly toward a balance between homes for sale and buyers. John Hunt, of Atlanta real estate analysis firm SmartNumbers, said a week ago that a healthy balance between buyers and sellers usually leaves about a six-month supply of homes on the market for sale. The market has been tight during and after the recession. There is about a 4.5 month of supply now. But that is picking up about a tenth of a point monthly, which means supply could be balanced within a year, he said. Though July’s numbers dipped a bit, the Atlanta housing market has been picking up momentum. Home values have been improving. ABR’s numbers show that the median sales price this July is $15,000 higher than a year ago.
Recent Shannon Weaver FCS student Connor Nelson receives United States Coast Guard Academy appointment 2014-Jun-25 Painting history, connecting Forsyth County 2014-Jun-24 Donation-based yoga class at Friendship Park June 21 2014-Jun-23 Jameson Wilkins selected to play in Brine National Lacrosse Classic 2014-Jun-23 Business launches to get people ‘Back in the Game’ 2014-Jun-23 Milton awards environmental grants to schools 2014-Jun-17 More... June 17, 2014 ALPHARETTA, Ga. – Ruth's Chris Steakhouse is coming to Alpharetta from its Sandy Springs location, where it has been for over 20 years.
Franchisees Jim Brooks, Phil Brooks, Mark Oswald and Nancy Oswald, the largest franchisees of the brand, purchased the property and building at 11655 Haynes Bridge Road, formerly Rainwater restaurant, which is a 2.3-acre site with roughly 18,000 square feet. Ruth's Chris plans to invest $1 million renovating the building and plans to open in the fall.
The building has private dining and banquet facilities including a brick wine room with climate-controlled storage.
"It has been a wonderful 20-plus years in Sandy Springs, but the Haynes Bridge site offers the ability to be in a distinct trade area from our other three Atlanta restaurants with the bonus of unprecedented event space," said co-owner Mark Oswald in an announcement.
"This was an opportunity that we simply had to seize," co-owner Jim Brooks said.
ALPHARETTA, Ga. – After much hype, the new golfing entertainment venue Topgolf opened May 20 to excited golfers.
Employing about 450 people, the 60,000-square-foot location sits on 12 acres alongside Westside Parkway and boasts 102 golfing bays that allow golfers to hit balls into a large open field filled with multi-colored rings. Each special golf ball has a microchip inside that tracks it and scores the player, turning the game of golf into more of a game and making it open to more casual golfers.
"We introduce more people to the game of golf than any other entity," said Brian Harper, Topgolf's director of sales.
The Alpharetta location is the company's first foray into the Southeast. They have other locations throughout the country.
The company aims to be accessible to the entire family, keeping both lovers of the game entertained as well as those who are more casual players.
"It's going to be an amazing summer at Topgolf," said Topgolf Alpharetta Director of Operations Bob Dodson. "We will be hosting golf tournaments, daytime clinics for kids, Monday evening leagues, themed costume parties and live music every Thursday, Friday and Saturday night on our rooftop terrace. Even if you don't play golf, there will be no shortage of things to do at Topgolf."
Topgolf estimates that it will serve 450,000 visitors in Alpharetta in its first year of operation, with a 10-year economic output in excess of $264 million.
Topgolf Alpharetta is located at 10900 Westside Parkway off Ga. 400 in Alpharetta. For more information, visit www.topgolf.com/alpharetta.
Topping out party means NAP passing baton to new tenants
by Hatcher Hurdwrite the author www.northfulton.com
AVALON_CLOCK_HORIZ_w Avalon, North Fulton's $600 million project, is slated to open its first phase Oct. 30. (click for larger version) April 28, 2014 ALPHARETTA, Ga. – Avalon had a party last week to celebrate another milestone – the "topping out" of the property. That is the setting of the last beam in the last building of the retail quarter of what will eventually be North American Properties' $600 million mixed-use residential, commercial and office playland of North Fulton.
But North American Properties Managing Partner Mark Toro and his associates had much more to celebrate than the end of principal construction (although finishings will take another six months). Toro has a whopping 93 percent of the property signed to leases with another 4 percent of the property in the last stages of negotiations for leases.
"In effect, we are 100 percent leased with six months to go. That is practically unheard of," Toro said.
In all, there will be 500,000 square feet of retail on 87 acres.
There has been so much interest in the residential components of the property – both single-family and luxury rental units (Avalon doesn't use the word "apartment") – that they won't discuss prices yet.
Michael Davis, service development manager for NAP, said there are 1,400 firm letters of interest for the 101 Monte Hewitt homes on Avalon property. Sotheby's International Realty, the leasing agency, received more than 900 letters of interest in the first three weeks of solicitation.
"We're still six months away from opening. We just don't know yet what sort of numbers these properties are going to generate," Davis said.
Avalon officials did say they expect the250 luxury units above the retail to start around $2 per square foot. One bedroom units will range from around 812 square feet to 1,100 square feet. The two-bedroom, 2.5 bath units range from 1,200 square feet to 1,789 square feet.
Likewise, Monte Hewitt Homes has not yet set home values for the 22 single-family homes and some 75 courtyard attached-homes planned. With around 1,500 letters of interest in hand and construction more than a year away, the company has not been able to establish value yet.
The 108,000 square feet of office loft space above retail is 54 percent pre-leased. Even the architect is moving in. Lamar Wakefield of Wakefield Beasley and Associates will relocate corporate offices from Norcross to a prime spot with 3,200 square feet overlooking the central fountain of Avalon.
Retail Avalon space begins at $32 per square foot and tops at $45 a square foot. Most shells for retailers to finish are around 225 square feet.
It will also be a gigabyte community, which means for $99 a month, anyone can have a gigabyte of data online, some of the fastest speeds commercially available.
Speaking to his guests at the topping out party, Toro said they were surrounded by the first $370 million of investment coming up out of the ground.
It is all for what Toro calls "experiential lifestyle." People won't come to just shop or just eat at one of Avalon's "killer" restaurants. Instead it will all be part of an Avalon experience that in turn pampers, amazes and spoils visitors and residents alike.
And there is more to come. When the market is ready, another $350 million in Class A office space is ready for development. Alpharetta officials also are negotiating a public-private partnership in a five-star hotel and convention center.
"No one has been more supportive than the city of Alpharetta," Toro said. "That didn't mean they made it easy for us though. But they helped make it great."
Alpharetta Mayor David Belle Isle in turn had words of praise for Avalon.
"It is just one more great thing – a marvelous thing – that makes this city a special place," Belle Isle said.
Fulton County Commissioner Liz Hausmann echoed those thoughts calling Avalon "one more piece of the puzzle" that generates tax revenue, creates jobs and attracts more jobs and development to Fulton County.
"Avalon will generate $21 million in sales tax alone. Another $4.5 million in property taxes and $2.1 million for the hotel-motel tax will come from Avalon. When you have to deal with Fulton County's $100 million shortfall and cutting much needed services, you can really appreciate what Avalon has done here," Hausmann said.
Greater North Fulton Chamber of Commerce President Brandon Beach branded Avalon as an "iconic and transformational" development for North Fulton.
"Today, we can see that this is true. It is iconic, and it is transformational. And you just don't see many $600 million developments being built," he said.
Metro Atlanta Case-Shiller Index Reported April 2014
The latest Case-Shiller Index was published on Tuesday, April 29th 2014. As always, the index reports on data 60 days in arrears. Therefore, the index reports Metro Atlanta home values for February 2013. So what does the latest index show and what does that mean for home values in Metro Atlanta? Home values have significantly improved and are now stabilizing. To properly assess the Case-Shiller Index data, two important considerations must be taken into account. First, the Case-Shiller index of home values is very different from average sale prices or median homes prices. The Case-Shiller Index reports on repeat properties sold, which are generally better indicators of home values. Second, this index reflects average home values for all of Metro Atlanta. Remember, real estate is local and every market is different. Your local BHHS Georgia Properties agent can help you understand the specific metrics in your local market.
Now for the news…. Average home prices for the National 20-City Index remained relatively unchanged compared to last month and increased 12.9% over the same month a year ago. While these numbers remain very positive, we must bear in mind that home prices are still down 17.49% from the peak of July 2007. The February index for Atlanta is 112.60. This is the fifth month in a row that the index has reported a small decrease. This signals that home values are leveling off for many markets. Las Vegas, San Diego, Los Angeles and San Francisco continue to have the highest year-over-year price increases. These were closely followed by Atlanta, Miami, Detroit and Phoenix. New York, Cleveland and Charlotte showed the smallest year-over-year improvements.
The Metro Atlanta real estate market continues to show signs of moving back to a normal market. Listing inventory is up 23.9% from the bottom of February 2013. Inventory is up 6.8% from last month and up 18.9% from the same month last year. Closings were up 17.8% from last month and down 12.4% from the same month last year. Months of inventory are now 4.7 months based upon the latest closed sales trend. Six months supply is considered normal. Buyer activity remains strong led by baby boomers and first-time buyers. At the same time, the pace of pre-foreclosures (notices of default) and foreclosures has slowed dramatically. Resales and new homes are outpacing bank-owned sales. New Homes are making a significant comeback. Right now there is very low new homes inventory due to the high absorption and pre-sales are emerging again. In the next few years, new homes will become a more significant part of the inventory and closed sales. Your local Berkshire Hathaway HomeServices Georgia Properties agent can show you the specific conditions in your market so you can make the best real estate decisions.
What a change from a few years ago! Metro Atlanta Home Values are up 37% from the most recent low point of February 2012 according to the Case-Shiller Index. But remain down 17.49% from the peak of July 2007. View the graph of the monthly Case-Shiller results from 2010, 2011, 2012, 2013 and 2014.
If you look back further at home values (see chart below), you can see that we had a bubble in homes values. As with many cyclical markets, we over-corrected with values that were well below the normal patterns. Now, we appear to be back on the normal trend line!
This chart shows the “months supply” based upon price ranges. As you can see, the supply is very low in the lower price ranges. Investors have been very active in these price ranges but that has slowed considerably. As you get to the luxury market, there is more supply available based on the slower rate of closed sales. Contact your local Berkshire Hathaway HomeServices Georgia Properties agent to see the latest trends in your specific area.
If you look at the average annual Case-Shiller index for each year, here is how homes purchased in recent years would compare to the current index:
Homes Bought in 2000 – Gain 9.08% Homes Bought in 2001 – Gain of 3.29% Homes Bought in 2002 – Gain of .54% Homes Bought in 2003 – Loss of 3.67% Homes Bought in 2004 – Loss of 6.95% Homes Bought in 2005 – Loss of 11.42% Homes Bought in 2006 – Loss of 15.46% Homes Bought in 2007 – Loss of 16.00% Homes Bought in 2008 – Loss of 8.19% Homes Bought in 2009 – Gain of 3.87% Homes Bought in 2010 – Gain of 6.46% Homes Bought in 2011 – Gain of 14.48% Homes Bought in 2012 – Gain of 24.12%
Yes, we are slowly climbing our way out of this unprecedented housing crisis. So where will home values go from here? The key factors that will impact our home values include the following:
Demand from Buyers: The long-term trend for buyer demand is strong as buyers take advantage while prices remain below replacement costs and mortgage financing is historically low. We continue to see significant pent-up demand for new household formation from first time buyers and a very active baby boomer market. The economic indicators remain very positive with the exception of household disposable income remaining flat. We will be watching the buyer trends closely this spring to determine of we have any changes in the leading indicators.
Mortgage Rates/ Credit Availability: Average mortgage rates in the past 50 years were 8%. Rates remain historically low but the long-term trend is higher. Freddie Mac and the Mortgage Bankers Association predict mortgage rates to rise to over 5% in 2014 and 6% in 2015. Barring any major geo-political issues that impact or economy or fuel inflation, we expect to see rates in the 6-8% range again in 3-5 years.
Supply/ Inventory Levels: The inventory has been rising over the past few months as we move toward a more normal level of supply. New homes will become a more significant part of the overall inventory by the spring. Every market is different and we have some local markets where desirable inventory remains very low.
Competition from Short Sales/ Foreclosures: In 2010, RealValuator reports that short sales and foreclosures were over 60% of the transactions sold but have dropped to only a few hundred transactions per month in 2014. Resales and new homes are significantly outpacing short sales and bank-owned properties.
New Homes Make A Comeback: New Home starts are rising and will slowly but surely become a major factor for Metro Atlanta real estate. In 3-5 years, we expect New Homes to return to 40%-45% of the inventory and closed sales. For resale owners, your competition will shift from foreclosures & short sales to new homes. But there is a silver lining since the costs of building is going up. Higher new home prices may also help bring up values for resales.
It is clear that the housing market for the Greater Metro Atlanta area is improving. Right now, we still have prices below replacement costs and incredible mortgage rates. But the trends for mortgage rates are upward. Many buyers and sellers need to act quickly before their buying power is impacted significantly. In 5 or 10 years, many will look back and regret not buying their dream home when they had the chance! The cost of waiting could be quite significant. Check back for our next posts with the latest facts and insight that can make you money!
City of Alpharetta To Open Bids for Old Milton Parkway Ramp Improvements
The City of Alpharetta will open bids for the widening of the Georgia 400 Northbound exit ramp to Old Milton Parkway.
The bid outlines the project as "including, but not limited to, the widening of the northbound GA400 exit ramp, installation of guardrail, reconstructing and installing drainage structures, installing a proposed concrete island, restriping, and coordination with the City on the installation of the traffic signal.
City staff estimate that the project will cost $370,214.
The City Council voted unanimously at their April 14 meeting to submit a 2014 Local Maintenance and Improvement Grant application to the Georgia Department of Transportation.
According to city staff, the GDOT is willing to commit up to $200,000 or 50 percent of the costs, whichever is less. These funds will be in addition to the city's Fiscal Year 2014 Local Maintenance and Improvement allocation, which is currently being used for several resurfacing projects.
Costs above the GDOT allocation will be funded by the North Fulton Improvement District.
The Plans and Project Manual will be posted to the city's website Thursday, April 24, and the bid opening will be Thursday, May 22 at 10 a.m.
ALPHARETTA, Ga. – Fiserv Inc., a leading global provider of financial services technology solutions headquartered in Brookfield, Wis., announced Feb. 7 that it has selected a new location in Alpharetta for its Atlanta-area operations. The company, which currently employs approximately 2,000 associates across six locations in the Atlanta metro area, has signed a lease for adjacent buildings located at 2900 and 2950 Westside Parkway.
"Throughout our history, we have completed a number of acquisitions in the Atlanta area, which is a key technology center for Fiserv," said Jeff Yabuki, president and chief executive officer of Fiserv. "We are excited to bring our associates together in a collaborative and innovative environment supported by the latest workplace technology. Enhancing the connections among our associates will have a positive impact on their professional lives and enable us to best serve our clients."
The new Alpharetta campus will provide Fiserv associates with all of the amenities of a modern office environment, and was selected due to its desirable location as well as its ability to accommodate existing needs and continued growth. Bringing associates currently working in separate locations together will further enhance productivity, collaboration and engagement. Fiserv will modernize the building to ensure the new office location is a representation of the company's brand experience. It will include a state-of-the-art client briefing and innovation center.
The new office environment will embody the Fiserv workplace of the future, elements of which have already been introduced at other Fiserv office locations in California and New Jersey. This workplace approach emphasizes the creation of optimal business settings based on associates' roles and how they work in order to enable individual and team success.
"Fiserv has had a presence in Georgia for more than two decades, and has become one of the largest technology employers in our state," said Gov. Nathan Deal. "The fact that Fiserv has chosen to retain and grow their operations in Georgia is a testament to the positive corporate climate of our state."
The buildings will be occupied in phases, with associates expected to move from existing offices to the new location during 2015 and 2016.
"Fiserv is bringing nearly 2,000 existing jobs to Alpharetta, and the company has committed to hire a significant number of additional associates as they establish a presence in our city," said Alpharetta Mayor David Belle Isle. "As the Technology City of the South with over 600 technology companies within our borders, we are confident that Alpharetta will be just the right fit for Fiserv, and we welcome Fiserv and its associates to our technology community and our growing technology culture."
Southerners warned to prepare for messy snow and ice as rare storm moves into region
Published January 28, 2014 FoxNews.com
ATLANTA – Residents across the Deep South are stocking up on fuel and groceries as a rare winter storm is moving into the region, threatening to bring snow, ice and subzero temperatures to places more accustomed to air conditioners and sunscreen than parkas and shovels.
Even with the exact timing and severity of the blast of freezing precipitation uncertain, officials from parts of Texas to southeastern Virginia warned motorists to stay off the roads and remain inside.
Popular warm-weather tourist destinations including Charleston, S.C.; Savannah, Ga.; Pensacola, Fla.; Virginia Beach; and New Orleans were expecting ice and snow over the next two days-- rare occurrences in places that seldom even see prolonged sub-freezing temperatures.
In the Hampton Roads area of Virginia -- which forecasters said could see a foot of snow -- store shelves started emptying of staples such as bread by Monday night. Schools and businesses planned to close early, with the storm expected to further clog an already-busy afternoon commute.
In Alabama, snow began falling before dawn in the extreme northwest portion of the state. Forecasters are predicting up to three inches of snow in the central and southern areas of the state, according to MyFoxAtlanta.com.
In coastal Charleston, it was a balmy 62 degrees Monday. But the approaching weather led the College of Charleston to cancel classes Tuesday as a "precautionary measure." There was a forecast of rain, and sleet in the late afternoon, with the first snow expected Wednesday morning.
Much of Georgia was placed under a winter storm warning for Tuesday and Wednesday, including the cities of Atlanta and Macon. While some areas could see as much as 3 inches of snow the bigger concern with plummeting temperatures was ice.
"The snowfall amounts are going to matter very little in this situation because of the ice potential," said Jason Deese, a meteorologist for the National Weather Service in Peachtree City, Ga. "Some parts of the state may end up seeing the greatest impact just because they get more ice than snow."
Delta Air Lines officials say more than 1,800 flights have been canceled ahead of a winter storm expected to pelt areas of the Southeast with sleet and snow. Delta spokeswoman Betsy Talton says 1,850 flights have been canceled system-wide Tuesday beginning at 11 a.m. Of that number, Talton says 840 flights from Atlanta have been affected.
The airline is offering travelers the opportunity to make one-time changes to their tickets without a fee if they're traveling through Georgia, Alabama, Florida, Louisiana, Mississippi, the Carolinas and Texas. Delta officials expected service to be affected between Jan. 28 and 29, and replacement tickets must be reissued by Feb. 1.
Forecasters were predicting snow and ice from Texas to Virginia by mid-week as precipitation moving in from the south met with cold air already chilling the region. Meanwhile, in the Midwest, plummeting temperatures and increasing winds took root for another day even as the storm moved south. Several states in the central U.S. saw schools and other facilities close for a second consecutive day as dangerous wind chills were predicted. In Minnesota, forecasters said wind chills could reach 35 to 50 degrees below zero.
In the Carolinas, many school districts were running on half-day schedules Tuesday so students could head home before the worst of the storm system hit. In North Carolina's Outer Banks, barrier islands that are popular with tourists during the warm seasons, residents were bracing for as much as 8 inches of snow.
Several inches also were expected in South Carolina, where the state department of transportation planned to send crews out Tuesday to treat roads with sand and brine to ease any troubles caused by ice.
Elsewhere, some schools and government offices already closed in Mississippi ahead of the rare snow event.
"This is a very dangerous situation because snow and ice are very rare for extreme southern Mississippi," Robert Latham, executive director of the Mississippi Emergency Management Agency, said in a news release. "We need everyone to have an emergency plan together for this."
In Louisiana, state Public Service Commission Chairman Eric Skrmetta told residents to be prepared by stocking up with food, fueling cars and making sure to have cash on hand, calling the icy forecast for the next couple of days "decidedly grim." State police said freezing rain was falling in the central part of the state early Tuesday, but most highways remained open. The heaviest snowfall was likely to be 1 to 3 inches just north of the Baton Rouge metro area
Donna Vidrine, a cashier at Simcoe Food World in Lafayette, said her store was already busy Monday.
"They're buying things like canned goods -- nonperishable items -- and bottles of water and diapers for their baby," she said.
The city of Alpharetta is warning motorists of hazardous driving conditions during the morning commute, with areas of black ice likely.
Alpharetta issued a winter road conditions advisory for Monday, Jan. 6. Patchy black ice may continue to develop in low lying areas and on bridges throughout the day until roadways are dry.
Staff at Fulton County Schools will report at 10 a.m. this morning instead of the usual time. Students aren't scheduled to return to school until Tuesday morning. No decision has been made on Tuesday yet, according to Samantha Evans, a press officer for the system.
For up-to-date information, stay tuned to local news stations, Fulton County Schools' social media channels (Twitter and Facebook) and the district's website, www.fultonschools.org.
The National Weather Service forecasts indicate a line of rain entering the Alpharetta area around midnight. Around 3 a.m. on Monday, temperatures will drop below freezing and the rain will shift to a rain/snow mix and ultimately to snow flurries. Precipitation is anticipated to end around 6 a.m. However, temperatures will remain below freezing.
While this is a minor snow event, icy and/or slippery conditions are likely on area roadways; especially on bridges and low-lying areas. The city is urging all motorists to exercise caution when driving and to travel at below normal speeds due to this potential. Avoid heavy braking and remember that applying brakes on ice will cause loss of vehicle control.
Driving Safely On Icy Roads (This is a short list of advice offered byThe Weather Channel online.)
Decrease your speed and leave yourself plenty of room to stop. You should allow at least three times more space than usual between you and the car in front of you.
Brake gently to avoid skidding. If your wheels start to lock up, ease off the brake.
Turn on your lights to increase your visibility to other motorists.
Keep your lights and windshield clean.
Use low gears to keep traction, especially on hills.
Don't use cruise control or overdrive on icy roads.
Be especially careful on bridges, overpasses and infrequently traveled roads, which will freeze first. Even at temperatures above freezing, if the conditions are wet, you might encounter ice in shady areas or on exposed roadways like bridges.
New postal rules in Alpharetta require neighborhood cluster boxes
The days of a mailbox at the end of each driveway in Alpharetta neighborhoods may be numbered. The United States Postal Service is implementing a policy establishing central delivery as the mode for all new buildings, including in single-family residential neighborhoods. It is the hope of the USPS this effort will minimize costs associated with delivering mail.
“It costs more to deliver door to door,” said Michael Miles, Communications Manager for the United States Postal Service Atlanta District. “The post officer receives no taxpayer dollars. We’re always looking to reduce cost.
“[The program] has been rolling out across most of the country for many years now. Door to door delivery is something that we haven’t readily been doing since the late ’70s.”
Central delivery involves the delivery of mail into Centralized Box Units (CBUs), similar to those found in most apartment complexes.
Alpharetta Food Truck Alley Old Roswell Street (enter at corner of Roswell Street down from 37 Old Roswell Street, Alpharetta, GA 30009) Thursday, April 25, 2013 5:00 PM Feast on the street every Thursday evening at Alpharetta Food Truck Alley!
After nearly six years of inactivity, the property now called Avalon between Westside Parkway and Ga. 400 on Old Milton Parkway will see construction going up. Avalon broke ground – and concrete – Jan. 28 amid great hoopla for this $600 million mixed-use project.
An eyesore for many years, what was once "Prospect Park" stalled mid-construction when the economy tanked and the developer went bankrupt. What should have been a mixed-use model instead turned into a derelict and abandoned project.
That changed at the groundbreaking amid cheers when the wrecking ball sailed into the concrete foundation that had blighted the corner of Old Milton Parkway and Ga. 400 for several years.
"Prospect Park was the symbol of everything that was wrong with the economy," said Alpharetta Mayor David Belle Isle. "Now, it's a symbol that everything is OK."
Amid a large party on site, Avalon lit a bonfire and had a parade of bulldozers announce the end of Prospect Park. As people watched, a wrecking ball knocked down portions of standing cement and a crane began disassembling a parking deck.
North American Properties developer Mark Toro tried to allay fears of a repeat of history by stressing he and his team have been aggressive in pursuing tenants and conservative in waiting to build.
"Fifty percent of Avalon's Phase I development is leased out with a further 30 percent in negotiations," Toro said.
Most of Phase I will be retail. The residential aspect of the 86-acre property will come about 60 days later.
"Prospect Park was a symbol of the downward spiral and the recession," said Belle Isle. "Now, I don't know too many cities who are breaking ground on $600 million projects."
Avalon will feature a movie theater, a 475-room hotel and dozens of stores and restaurants. It is expected to employ about 4,500 people. It will also be home to numerous events during the year, including ice skating on a rink rivaling that at Rockefeller Center.
Monte Hewett, the longtime Atlanta builder who has charge of the residential component, said the real estate market is back from the dead. He said he sees no problems starting the homes once the retail is up.
"The day after Christmas, we started writing contracts [not for Avalon] and we are getting multiple offers for product that is built," Hewett said.
Avalon by the numbers
86 acres
$600 million project
4,500 jobs
34 retail or restaurant tenants
250 homes and townhomes
475 hotel rooms
500,000 square feet of retail
$4.5 million annually in new property taxes
$21 million in annual sales tax revenue
The people living on the property in homes, condos, apartments and at the hotel will create a buzz at Avalon all the time.
"This is going to have a regional impact," said Greater North Fulton Chamber of Commerce CEO and state Sen. Brandon Beach. "Avalon will be iconic and transformational for all of North Fulton."
Avalon will ripple through the region as a destination that will draw other companies and businesses to the area.
"We need this in our toolbox to recruit companies," he said.
Beach said the effects of a project of this size will be enormous, employing people throughout the region and drawing customers and tenants to its shops.
"You don't build a development like this if you're still in a recession," said Belle Isle. "This property is still a symbol – now it's of revival."
Avalon is expected to open Phase I in August 2014.
Avalon is now 50 percent leased with another 30 percent in negotiations. North Atlanta residents can expect these shops to open:
Crabapple Government Center, 12624 Broadwell Road, Alpharetta, GA
Alpharetta City Hall Monday, February 11, 2013 7:00 PM
Wednesday, February 20, 2013 7:00 PM
ALPHARETTA IS LISTENING - TELL US YOUR IDEAS FOR IMPROVING RUCKER ROAD
The City of Alpharetta is hosting a series of meetings for citizens who live in neighborhoods along Rucker Road for the purpose of learning: • How you think Rucker Road can be improved • What changes you would like to see along the roadway • How you want Rucker Road to look and feel • What pedestrian or bicycle improvements you may want on Rucker Road • What concerns you may have • In what ways you do not want the road to change
WHAT THIS IS: These sessions are designed for you to share your ideas and concerns and for us to listen. Because you live along Rucker Road, you have a vested interest in how the road functions and what it looks like, and you probably have some very good ideas that the City of Alpharetta would like to incorporate into the future design of Rucker Road.
WHAT THIS IS NOT: These meetings will not be filled with presentations by engineers or City representatives telling you what will be done to Rucker Road. In fact, except for asking questions, our staff will do very little talking. MEETING SCHEDULE: Three sessions will be held for the purpose of hearing what you have to say, so you have multiple opportunities to participate.
Monday, February 11 Alpharetta City Hall 2 South Main Street 7:00 PM Wednesday, February 20 Crabapple Government Center 12624 Broadwell Road 7:00 PM Tuesday, February 26 Alpharetta City Hall 7:00 PM
Based upon the comments collected during these sessions, our engineers will create a design for the future of Rucker Road that will be presented to the community in March. The time and date of that meeting will be set once the design work is completed, but we will let you know as soon as it has been set.
Whether you join us for one session or choose to attend all three, please do not miss this opportunity to share your thoughts, ideas and concerns as the future of the Rucker Road Corridor is planned. You have a vested interested, don’t you want to be part of creating the solution?
About Brian Vanderhoff's North Fulton County, GA Real Estate Website: The www.vanderhoffhomefinder.com web site provides Milton, Alpharetta, Johns Creek, Woodstock, Duluth, Cumming, Roswell, Crabapple, Cobb County, Cherokee County, North Fulton County and Forsyth County, Georgia real estate information and resources to guide homeowners, homebuyers and real estate investors through the process of selling and buying a house, condo or other realty property in the North Fulton County area. Brian Vanderhoff (sometimes spelled as Vanderhof, van der hof, Bryan or Brain) has services to help you get the best value for your North Fulton County home and this website offers home buyers and home sellers a superior comparative market analysis (CMA), a way to view real estate and MLS IDX listings including virtual tours, prepare your home for sale, and more. Investors looking for real estate investment properties to invest in need look no farther. Anyone selling a home, buying a home or seeking housing can learn more about our realty services, and will appreciate working with a North Fulton County REALTOR who knows the area so well. Through trusted partners, we also provide real estate and financial services to consumers looking for houses for sale or selling their home in North Fulton County, GA, such as mortgages, credit history, new homes, foreclosures and other services. If you've already tried to go the for sale by owner (FSBO) route and find you are needing a partner who you can trust in the sale of your most precious asset, Brian Vanderhoff can take care of your special needs. It really doesn't matter if you spell it REALTOR, Realator or Realter, realty, realety or reality, real estate or realestate, Brian speaks your language.
